Mumbai: ICICI Prudential Life Insurance has become the top performing brand in Hansa Research’s Insurance CuES 2023.
This year, the Insurance CuES 2023 report ranked ICICI Prudential Life Insurance as the best life insurance provider in India, followed by HDFC Life Insurance and Max Life Insurance. The annual syndicated report, Insurance CuES 2023, presents exciting insights into consumer perceptions and experiences with life insurance brands.
Customers have rated these top performing brands significantly on various metrics such as digital experience, ease of transaction, ease of documentation, communication, and responsiveness of their distribution channels. As a result, they took the top spots among all life insurance providers, with impressive NPS scores of 62, 59 and 59 respectively. Players like Tata AIA Life Insurance and SBI Life Insurance also improved their rankings. According to the report, the industry’s Net Promoter Score is now 54, down from 48 in 2022.
Another noteworthy finding is that while LIC retains the highest brand awareness, it has slipped back slightly in terms of advocacy and moved up the overall ranking for the year 2022. Among other brands that score high in terms of notoriety, we can cite SBI Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance.
Speaking to Bizz Buzz, Piyali Chatterjee, Senior Vice President – CX, Hansa Research, says, “Life insurance has always been seen as a means of protection against unforeseen events rather than a tool for creating wealth. . According to our data, one in four people (23%) bought a ULIP primarily to increase their wealth/investments. However, compared to other insurance products, ULIP provides a poorer customer experience. In addition to the mismatch of return expectations, another reason that clients also cite is the lack of flexibility, either in terms of liquidity or a quick repayment process. »
To improve the customer experience, insurers need to better manage expectations around market volatility, risk management and target setting, as well as ensure regular and clear communication about the performance of their investments or how whose market movements affect their investments, she said.
Commenting on the findings of the CuES 2023 study, Praveen Nijhara, CEO of Hansa Research, said: “The life insurance industry continues to improve customer experience, but the magnitude may be reduced due to the saturation of improvements supported by technology. Businesses also face increased complexity due to omnichannel communication.